VANCOUVER, Aug. 15, 2011 /CNW/ --
TSX-V: TXR
Frankfurt: TX0
VANCOUVER, Aug. 15, 2011 /CNW/ - TerraX Minerals Inc. (TSX.V: TXR)
(Frankfurt: TX0) has commenced drilling on its wholly-owned Stewart
gold-copper property in Newfoundland. The property features an
east-northeast striking, 6 km long by up to 1.4 km wide epithermal to
porphyry style alteration zone with extensive low grade gold-copper
mineralization, of which less than 15% has been drill and trench
tested. The target type for the Stewart property is a mineralized
system similar to Oyu Tolgoi in Mongolia. Strong IP anomalies were
identified with a Titan 24 survey over a strike length of 2.5 km, with
widths up to 800 m and vertical extents in excess of 500 m (see news
release of May 9, 2011). A geologic model of the anomalies identified
at Stewart, with a comparison to those at Oyu Tolgoi, is available on
our web site at www.terraxminerals.com.
One Titan 24 chargeability anomaly intersects the surface in the western
portion of the surveyed area where shallow drilling and trenching by
prior operators is coincident with the anomaly. Here the anomaly is
shallow, restricted to 250 m of dip length (possibly has had a portion
removed by erosion). A much larger buried zone of mineralization is
potentially indicated by a significantly thicker and longer strike
length anomaly of similar amplitude that is concealed by sulphide-poor
altered rocks as it plunges to the northeast. The maximum width of the
larger anomaly is 800 m and its vertical extent reaches more than 500
m, plunging deeper towards the northeast. The defined anomalous
chargeability is open along strike to the southwest and northeast. A
minimum drill program of 2,500 m is planned, testing various
geophysical scenarios along the 2.5 km strike length of known anomalous
chargeability. Core will be analyzed for Au, Cu and Mo, amongst other
elements, and its alteration mineralogy will be systematically assessed
with a Terraspec instrument.
The Stewart property is comprised of 242 claims totaling 60.5 sq. km,
located 30 km north-northeast of the town of Marystown on the Burin
Peninsula. For more information on Stewart and TerraX's other
properties, please visit our website at www.terraxminerals.com. The technical information contained in this news release has been
verified by Dr. Tom Setterfield, P.Geo., who is a Qualified Person as
defined in 'National Instrument 43-101, Standards of Disclosure for
Mineral Properties.'
On behalf of the Board of Directors
'JOSEPH CAMPBELL'
Joseph Campbell, P.Geo
President
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves
known and unknown risks, uncertainties and other factors that may cause
actual events to differ materially from current expectation. Important
factors - including the availability of funds, the results of financing
efforts, the results of exploration activities -- that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time on SEDAR
(see www.sedar.com). Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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